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Monday newspaper round-up: Brexit, China-US deal, auditors, trains

Britain will have only weeks to negotiate deals with dozens of countries after the European Union refused to help to extend any existing trade agreements before the legally binding signing of a Brexit withdrawal treaty. European officials have told the government that they will not ask the EU’s trading partners to allow Britain to benefit from current trade deals with key countries such as Japan or South Korea until Theresa May signs the final legal text of a Brexit deal. - The Times

China has threatened to dash any trade agreements struck with the US in recent weeks if President Donald Trump moves ahead with his threat to level tariff hikes against Chinese goods. The latest round of trade talks between the US and China ended over the weekend with a chilly warning from Beijing that all agreements could be voided if the US moves ahead with plans to level import tariffs against $50bn (£37bn) worth of Chinese goods. - Telegraph

Britain should accept continued EU regulations in goods in return for retaining access to the EU single market, one of the thinktanks closest to Downing Street has proposed. After consultations across business and politics, a report from Open Europe concludes: “There is no strong business case for immediate significant divergence from the EU’s regulatory regime.” - Guardian

The cost faced by smaller firms trying to loosen the Big Four’s grip on the audit market is the biggest bar to competition as they routinely end up empty-handed after tenders, it has been claimed. BDO, the fifth biggest player in the market, is calling for an overhaul of the way in which auditors compete for contracts at Britain’s biggest companies. The proposals are even winning support from within the Big Four of PWC, KPMG, Deloitte and EY. - The Times

The CBI cheered the new Home Secretary’s pledge to take “a fresh look” at the immigration system, potentially meaning more skilled workers could be allowed to move to the UK. Sajid Javid pledged to review the visa system for skilled workers from outside the EU, and hinted students could be removed from the figures when counting annual migration ­figures. - Telegraph

Clydesdale and Yorkshire Bank has made an eleventh hour top-up to its bid to buy Virgin Money by offering the takeover target’s shareholders a bigger stake in the combined group. The fresh approach emerged last night, ahead of today’s deadline for the deal to create a £4bn challenger bank. The move means the banks will get a 14-day extension while they finalise terms before a firm offer must be made. - Telegraph

Railway passengers could choose to pay more to travel on “reliable and comfortable trains” under a radical shake-up of rail ticketing being planned by the industry. Combining peak and off-peak fares into a new “flat fare” structure so passengers are charged the same during busier and quieter periods, and reducing prices for e-tickets but charging more for paper tickets, are options outlined in a consultation being launched on Monday. - Guardian

The casual dining sector may be suffering a bout of indigestion, but one of its most resilient operators is seeking new owners to share its taste for global ambitions. Wagamama, the Japanese noodle bar chain chaired by Allan Leighton, has appointed Goldman Sachs to review what one source described as “strategic growth options” for the business. - The Times

The energy supply minnow hand-picked by the industry regulator to take on thousands of customers from a bust rival is struggling to meet a steep rise in complaints. Ofgem appointed Green Star Energy as the “supplier of last resort” in March following the collapse of Future Energy left around 10,000 households in limbo.- Telegraph

A “latte levy” of 25p on disposable coffee cups, being proposed by MPs, would cost up to 11,000 jobs in the UK, according to a study commissioned by paper cup manufacturers. The charge – suggested earlier this year by the Environmental Audit Committee – is aimed at improving the environment by incentivising people to bring their own cups to coffee shops. - Telegraph

The author of an independent review into alleged failings at Britain’s biggest financial arbiter has been accused of having a “conflict of interest” over links to the organisation he is investigating. Richard Lloyd, the consumer rights champion and former Which? director, is reviewing claims that the Financial Ombudsman Service, which settles disputes between City firms and their customers, hurt complainants by issuing flawed judgments in favour of banks. - The Times

Drivers delivering goods for Amazon are to fight for better employment rights, including sick pay, holiday pay and the national minimum wage. The GMB union announced on Monday that it is taking legal action on behalf of members working for three delivery firms used by Amazon, arguing that the companies wrongly classed them as self-employed. - Guardian

Gala Leisure, the UK’s biggest bingo chain, has recruited industry veteran John Kelly as non-executive chairman. Mr Kelly, who founded the Gala Coral Group, has been recruited into the post after serving as chairman of betting giant Ladbrokes Coral until it was bought by online rival GVC. - Telegraph

The future of the embattled House of Fraser department store chain was hanging in the balance this weekend, as deadlock between its Chinese owner and lenders threatened to scupper its planned rescue package. The GMB and shopworkers’ union Usdaw are watching from the sidelines, anxious about the risks of financial collapse for the store’s 17,000 employees, who work in its 59 stores across the UK. - Guardian

Astrazeneca is preparing to disclose payments to doctors in all countries in which it operates in a move that will pile pressure on its rivals to follow suit. The lack of transparency across the pharmaceuticals industry over payments to professionals who have influence over prescribing and purchasing drugs has raised concerns about conflicts of interest and potential bribery. - The Times